Bitcoin Blog a1

Thursday, November 20, 2014

Hitler and the end of the Bitcoin

As many of you know bitcoin uses cryptography to protect and exchange itself. Cryptography is an age old practice where ciphers would be used to conceal the meaning of text. Bitcoins in a similar but much more sophisticated way, use public and private keys to encrypt and decrypt transactions. I thought I would share a particularly interesting video about cryptography that combines math, everyones favorites subject, with something people like even more…. Nazis!

I uncovered another interesting youtube video yesterday that showed that very well may be the demise of bitcoins. Well, also the demise of all financial institutions as we known them. And that is quantum computing. Currently, to decrypt a bitcoin wallet is simply impossible. The number of combinations to a private address is so many to solve one with current technology would take more than a lifetime. With quantum computing that may not be the case.